Uzbekistan's Central Bank on June 15 released a statement stating that it would maintain its key interest rate unchanged at 14.0% due to the slowing down of inflation and a positive economic outlook.
The bank had raised the rate from 14% to 17% last year. However, it has since lowered the rate to the previous level and announced it would review its monetary policy again on June 15.
The Central Bank has earlier reported that the annual inflation rate in March and April of this year experienced a slowdown, reaching 11.7% and 11%, respectively. This was attributed to seasonal factors and the high base effect from the previous year.
Additionally, core inflation showed a significant downward trend in March, dropping to 12.9% YoY after peaking at 13.8% in December 2022. However, the regulator notes that the higher level of core inflation compared to headline inflation suggests that certain inflationary risks persist.
The next scheduled meeting of the Central Bank Board to discuss the key rate will take place on July 27.
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